The Need for Additional Financial Assistance in America
As the COVID-19 pandemic continues to ravage the world economy, Americans are feeling the financial crunch now more than ever. With businesses closing their doors and employees being let go, many individuals are struggling to make ends meet.
Even with the federal government’s recent economic relief efforts, many are still left wanting. In this article, we will explore the need for additional financial assistance in America and the various forms of support that are being requested.
Let’s dive right in.
Insufficient Support from Federal Government
Since the start of the pandemic, the federal government has implemented several measures aimed at providing financial relief to individuals and businesses. The CARES Act was the first significant effort to address the economic fallout of the pandemic.
The act provided for direct payments to Americans, expanded unemployment benefits, small business loans, and other forms of financial assistance. However, as time has passed, the support provided by the federal government has been found wanting.
Many Americans are still struggling to make ends meet, with some individuals never receiving their Economic Impact Payment checks. The problem has been exacerbated by the expiration of certain CARES Act provisions, with expanded unemployment benefits being a prime example.
Support for Second Stimulus Check
One of the most significant forms of financial assistance being requested by Americans is a second stimulus check. The first stimulus check provided many Americans with financial relief, but it wasn’t enough.
With businesses still struggling to stay afloat, many individuals are still in desperate need of assistance. The second stimulus check would provide another round of direct payments to individuals, with most Americans being eligible for up to $1,200.
However, there is still much debate over who should receive these payments and how much they should be.
Extension of Unemployment Benefits
Another critical form of financial assistance being requested by Americans is an extension of unemployment benefits. Millions of Americans lost their jobs due to the pandemic, and while expanded unemployment benefits were initially helpful, they have since expired.
Without the additional financial support, many families are struggling to make ends meet. Expanding unemployment benefits would provide much-needed support to millions of Americans, allowing them to focus on finding a job without worrying about how to pay their bills.
It is crucial that the federal government consider the need for extending these benefits until economic conditions improve. Americans’ Ranking of Financial Assistance
One of the most critical factors in assessing the need for financial assistance is determining who needs it the most.
Small businesses have been hit hard by the pandemic, with many struggling to get by. At the same time, large corporations are receiving substantial financial assistance through government aid packages.
Individuals Needing the Most Help
The financial impact of the pandemic has been felt most acutely by individuals who have lost their jobs or seen their incomes reduced. Many households are struggling to make ends meet, with some even experiencing food insecurity.
Financial assistance targeted towards these individuals, such as expanded unemployment benefits and direct payments, would go a long way in providing relief.
Small Businesses Requiring Most Federal Relief
Small businesses are the backbone of the American economy. However, they have been hit the hardest by the pandemic.
Many businesses have been forced to close their doors temporarily, while others have shut down permanently. It is crucial that the federal government provides financial assistance to these businesses in the form of grants, loans, or other measures to ensure their survival.
In conclusion, the COVID-19 pandemic has significantly impacted the American economy, leaving many struggling to make ends meet. While the federal government has made efforts to provide financial relief, more needs to be done.
Americans are looking for additional support, including a second stimulus check and an extension of unemployment benefits. It is essential that we prioritize those who need assistance the most, such as small businesses and individuals facing financial difficulties.
The road ahead is challenging, but with the right support, we can come out stronger on the other side. As the COVID-19 pandemic continues to affect the American economy, many households and businesses are struggling.
The first round of stimulus payments, which were distributed under the CARES Act, were intended to alleviate some of this financial strain. However, now that the eligibility requirements have been debated, many are uncertain about the possibility of a second payment and whether or not it could be a viable solution to financial hardships.
Public Divided Over Eligibility for Payment
One of the biggest points of contention for a second round of stimulus payments is who should be deemed eligible. Some Americans are arguing there should be an income limit to ensure the funds are distributed fairly.
Others suggest that those who remain jobless or are struggling the most should be prioritized. The second stimulus payment may not be a one-size-fits-all approach because what worked for some individuals during the first stimulus payment may not apply to those who find themselves in different situations now.
Congressional Action on a Second Stimulus
While the HEROES Act, which was passed in the House of Representatives, aims to offer direct aid to Americans, Senate Republicans have been hesitant to offer more financial assistance. Republican lawmakers are coming up with alternate approaches that include tax credits and raising unemployment payments as opposed to a direct stimulus check.
As the situation evolves, we’ll see how political pressure builds, and politicians on both sides of the aisle approach meeting the needs of Their constituents.
Value of Expanded Unemployment Benefits
Expanded unemployment benefits provided under the CARES Act played a significant role in supporting Americans who have been furloughed or laid off due to the pandemic. With many businesses unable to offer work, few are willing to take the risk of hiring new staff.
Federal benefits helped them survive financially during these hard times and were an essential factor in millions of households’ endurance. Without the extended benefits, millions of households may have been forced to scrape by on the very limited unemployment payments that some states provide.
Public Support for Extension of Benefits
As Congress debates extension of unemployment benefits beyond its current expiration date, there is growing public support to keep the additional federal financial support going, even if not at the same level as before. A new survey from the advocacy group Groundwork Collaborative found that 76 percent of voters, including a large number of Democrats and some Republicans, want Congress to support further federal aid payments, including extending additional unemployment benefits past the initial expiration date.
Resistance from conservative lawmakers for extending benefits has to do with concerns that excessive unemployment payments can disincentivize laid-off workers from taking new jobs or returning to their old ones. Despite this, many workers may suffer financially as new jobs are scarce, even if they meet their needs.
Conclusion
The second round of stimulus payments and extension of unemployment benefits are crucial tools to offer essential financial support to Americans. Although there are reasonable concerns about how to tackle the eligibility requirements for a second check and the extension of unemployment benefits, it is clear that small businesses, workers, and households’ financial needs remain a high priority for most American voters.
It’s crucial that Congress comes up with ways to keep the economy afloat. They need to find common ground and come up with financial solutions that can stimulate the economy while providing support to individuals and businesses that need it the most.
We must act promptly in bringing the economy back to its feet, even at the risk of increasing debt. The fallout from the COVID-19 pandemic has left many individuals and families struggling financially.
Many have lost their jobs or seen their incomes reduced, and are grappling with how to make ends meet. In response to economic hardship, personal financial management and budgeting strategies can make a big difference.
In this article, we explore options for making extra cash, reducing spending and consolidating debt, and taking advantage of government programs.
Exploring Options for Making Extra Cash
When experiencing financial hardship, making extra cash is a critical priority. Even small amounts of extra cash can help one get through hard times.
Fortunately, there are numerous ways to earn extra cash, many of which can be done from the comfort of one’s own home. One option is to explore options for freelance work or part-time jobs.
This might be an ideal opportunity for those who have lost their jobs due to economic hardship. Online freelancing websites like Upwork and Fiverr have many lucrative opportunities for people with skills in writing, design, coding, and more.
Additionally, tutoring or teaching online classes can be a viable option. Another option is sharing one’s car or renting out space in one’s home.
Many platforms, such as Turo and Airbnb, allow one to share their car or home for a fee. These can be viable options for earning extra cash if one is comfortable with renting out their personal assets temporarily.
Reducing Spending and Consolidating Debt
Another effective approach to managing personal finances amid economic uncertainty is to reduce spending and consolidate debt. This can be done in a variety of ways, such as:
Cashback Apps – Cashback apps such as Ibotta, Drop and others can help one earn money on everyday purchases.
By shopping for groceries, clothes, and other essentials through these platforms, one can earn money which can be put towards paying down debts. Rocket Money – Rocket Money, a financial wellness app, offers various features that can help manage finances effectively.
It helps users keep track of daily expenses and invest in stocks and funds to generate extra cash. Refinancing – Refinancing debts such as student loans, credit cards, and car loans can help one reduce their monthly payments and save on interest rates.
Taking Advantage of Government Programs
Another viable option for individuals facing financial hardship is taking advantage of government programs. Most Federal, State or Local Governments have programs to help individuals and families facing Social and Economic hardships like unemployment assistance programs, Medicaid, or Supplemental Nutrition Assistance Program (SNAP) to name a few.
Unemployment benefits provide a temporary source of financial assistance for those who have lost their jobs. Medicaid and SNAP can be helpful for families facing medical and nutritional needs.
Conclusion
In conclusion, the COVID-19 pandemic has put many Americans under financial pressure and made managing personal finances even more critical. It is crucial to take proactive steps to manage one’s finances such as exploring opportunities to make extra cash by freelancing or renting out personal assets, reducing expenses, consolidating debt, and taking advantage of government programs and resources.
These financial management strategies can help make ends meet and weather the financial uncertainty caused by the pandemic. Managing personal finances during times of economic hardship is of utmost importance, whether one has lost their job or is struggling to make ends meet.
Exploring options for making extra cash, reducing expenses, consolidating debt, and taking advantage of government programs and resources are all effective strategies for managing personal finances. By taking proactive steps, individuals can weather the financial challenges caused by the COVID-19 pandemic and ensure that they come out on the other side stronger and more financially stable.